Rick Patel

Stefano promised expanded, elevated wholesale distribution in H2 but declined specific counts; UGG men's is still 15% of revenues with a goal of 20% or higher.

Steven clarified U.S. was positive for both UGG and HOKA; the flat appearance is due to discontinued brands creating a headwind at the consolidated level.

Stefano emphasized the $100 billion addressable market across road, trail, fitness, recovery, lifestyle and apparel. Framework does not incorporate new categories beyond current ones.

CEO credited HOKA membership program and cleaner marketplace (less outgoing style noise vs prior year Bondi transition). CFO added consumers became more familiar with product updates over time, driving direct engagement. Exclusives and early drops also helped DTC.

CEO confirmed selective price increases on product upgrades, approach has served well. CFO noted Q3 demonstrates HOKA has more pricing power than currently exercised.

CFO outlined increased investment in marketing, localization of content, HOKA brand capabilities and commercialization globally. Infrastructure investments in distribution, warehousing, and IT done in proportion to growth. Enterprise functions managed efficiently.

CEO confirmed revenue growing faster than door expansion both domestically and internationally. Record reorders in Europe. China business super strong. Healthy order books for back half and spring/summer 2026.

CEO reiterated 50/50 DTC/wholesale long-term target, noting DTC is largely e-commerce with small physical retail footprint. CFO emphasized wholesale lean-in is not a strategy change but taking advantage of growing awareness, and DTC improvement expected after Q1.

CFO confirmed order book remains strong with no fallout. Conservatism driven by low consumer sentiment and anticipated demand erosion from price increases, largely US-specific. International remains very strong.

CEO noted brands performing well in China despite challenges. HOKA is top 5 in shoe counts at major races. CFO emphasized they are very small in China with benefit of building from a low base.

Joanne framed AUR as consumer voting on innovation and value, not cost-driven pricing. Todd detailed: $200-500 sweet spot range provides room, constant product animation creating value, One Coach collection in outlets lifting AUR, customer trade-up behavior (first bag → higher AUR second bag). Two truisms: won't compromise value for AUR, won't artificially drive units through promotion.

Todd explained One Coach strategy: full-price Tabby in outlets, Soho sneaker at $145 across all channels. Blurring channel lines based on consumer-centric approach rather than channel-centric.

Scott noted wholesale headwind doesn't repeat and underlying DTC trends support improvement through the year.

Maestrini said international sales are more diversified and core-franchise refreshes drive growth more strongly than in North America.

Patrice said continued meaningful opportunities across top 30 cities. London example of identifying further expansion within a city. Will discuss the next tranche of cities at September Investor Day. Expects to lean into top 30 ecosystems for many years.